Closing and Conveyance Sample Clauses
The "Closing and Conveyance" clause defines the procedures and requirements for finalizing a transaction and transferring ownership of property or assets from one party to another. It typically outlines the date and location of closing, the documents that must be executed and delivered, and any conditions that must be satisfied before the transfer is complete. This clause ensures that both parties understand the steps necessary to complete the transaction, thereby reducing the risk of disputes and providing a clear framework for the legal transfer of ownership.
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Closing and Conveyance. Upon approval of Seller’s title as disclosed by the title commitment subject to paragraph 3 hereof, Buyer shall thereupon pay the balance of the agreed purchase consideration to the Seller and Seller shall thereupon execute and deliver to Buyer, a recordable Trustee’s Deed to the Real Estate in accordance with the statutes of the State of Illinois. Buyer shall be entitled to a credit against the purchase price for the amount of the real estate transfer tax obligation of Seller and thereafter assume and pay the same upon recording the deed. Said deed shall be subject to the exceptions set forth in Paragraph 3. Seller and Buyer also agree to execute such documents as may legally be required by the Recorder of Deeds, other official or agency with respect to the consideration and description of the property. If Buyer should designate the Real Estate as “replacement property” in an Internal Revenue Code Section 1031 exchange, Seller agrees to execute any such additional documents as may be required by the Internal Revenue Code or customary in such transactions, and Buyer shall pay all additional title insurance company fees and costs, and any actual additional costs incurred by Seller to accommodate Buyer’s Section 1031 exchange. Closing shall take place at ▇▇▇▇▇▇▇▇▇▇ County Abstract Company, Pontiac, Illinois, and not later than October 13, 2021.
Closing and Conveyance. Upon approval of ▇▇▇▇▇▇’s title as disclosed by the title commitment subject to Paragraph 6 hereof, ▇▇▇▇▇ shall thereupon pay the balance of the agreed purchase consideration to the Seller, and Seller shall thereupon execute and deliver to Buyer a recordable Trustee’s Deed to the property in accordance with the statutes of the State of Illinois. The designated grantee(s) of such deed shall be:___
Closing and Conveyance. Closing is the date when all Transaction Documents are signed, the Ground Lease and Condominium Documents are recorded, all Loan Documents are signed and delivered and the Developer closes on its Construction Loan so that the Construction Lender is obligated to fund. This section explains the mechanics and pre-requisites of closing.
Closing and Conveyance. 2.1. This Agreement shall be completed on or before the day of
2.2. The Seller shall use best efforts to have the Property clean and vacant, subject to the provisions of 2.1, for the Buyer’s pre-closing viewing by
1.2. It is understood and agreed that if the Buyer does not complete this Agreement
1.3. The Buyer and Seller agree that any deposit held in trust by the Brokerage per clause 1.1, that is in excess of the remuneration (including HST) due to that Brokerage on closing of the transaction, shall be transferred to the Seller’s lawyer’s trust account once conditions unrelated to title have been met. These funds shall remain in the Seller’s lawyer’s trust account until closing.
2.3. All lands, buildings, fixtures and all other property being purchased hereby shall remain at the risk of the Seller. The Seller shall be responsible to keep the
2.4. Interest, rentals, leases, taxes, rates and fuel on the premises are to be adjusted to the closing date. The cost of municipal improvements, betterment charges and capital charges for utility or municipal services completed as of the date of this Agreement, whether billed or not, are to be paid by the Seller on or before the closing date unless otherwise stated.
2.5. The conveyance of the Property, which is the subject of this Agreement, shall be by Deed (or general conveyance, if a mini/ mobile home), drawn at the expense of the Seller, to be delivered on payment
Closing and Conveyance